The value of Ethereum is surging higher and it has settled over major support levels against Bitcoin (BTC) and the U.S dollar. The value of the coin recently broke over the $235 mark and it looks set to head towards the $250 mark. The coin is facing a minor hurdle, but it is still deep in the green.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is changing hands at $240 after an increase of about seven percent over the past twenty-four hours. The digital currency currently has a market cap of $24.59 billion and its trading volume over the past twenty-four hours is $2.80 billion.
ETH Price Prediction and Analysis
The value of the digital currency is currently in a range bound movement. At the beginning of this month, the value of Ethereum (ETH) was heavily controlled by the bears for the first 11 days. The value of Ethereum (ETH) with an opening balance of $282 got to the high of $302 and it encountered a strong resistance that brought down its value.
The value of the digital currency declined to the low of $169 and started a range bound movement. At the moment, the digital currency is hovering around the $240 mark, with a lot of hurdles on the road to the $250 mark.
However, the signal line and the MACD line are beneath the zero line which indicates a sell signal. Furthermore, the value of the digital currency is beneath the 12-day exponential moving average and the 26-day exponential moving average which is a clear indication that the bearish trend is ongoing. Also, the Relative Strength Index (RSI) period 14 is level 35 and this means that the market is in the oversold zone, suggesting bulls to take control of the market.
The value of the digital currency is strongly supported at the $235 mark, and it needs strong bullish traction to see it through its upside hurdles towards the $250 level.